Sec. 13. (a) Any recipient of an economic development payment must deposit the economic development payment into a separate and segregated bank account not later than five (5) days after its receipt.

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Terms Used In Indiana Code 4-33-23-13

  • development agreement: means the written agreement or group of written agreements that:

    Indiana Code 4-33-23-2

  • economic development payment: means monetary disbursement paid under a development agreement that is:

    Indiana Code 4-33-23-4

     (b) The bank account referenced in subsection (a):

(1) must allow expenditures only in accordance with the terms of the development agreement;

(2) must be used to account for and report the proceeds of economic development payments; and

(3) must be maintained at an FDIC insured bank that is located in and has a corporate presence in the State of Indiana.

As added by P.L.82-2011, SEC.1.

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